HONG KONG, Dec. 20, 2012 (GLOBE NEWSWIRE) -- Sino Bioenergy Corp. (OTC Pink:SFBE) (Borse Berlin:3SF) today announced that it has now closed a control stake in Huizhou Biotech firm in China.
SFBE is purchasing a 55% stake in Huizhou Shi Ji Wu Feng Agricultural Biotechnology Co. Ltd., ("HB") and has issued 130,520,000 restricted shares, valued at $.10 a shares to close the US$13,520,000 acquisition.
HB has 5,700 Mu (380 hectares) of farm land, and is focused on research of high quality rice. HB will produce 3,000 tons of biomass feedstock each year, which is equivalent to 1,500 tons of coal. Production will expand in 2013 to 20,000 Mu (1334 hectares) of land producing up to 12,000 tons of biomass feedstock utilizing its Refuse Derived Fuel, "RDF5" patented technology for fertilizer and fuel.
"This is a significant accretive acquisition that will start producing profit immediately for the Company," said CEO, Daniel Mckinney. "With the completion of this acquisition, the Company will have its own significant source of feedstock for refuse derived waste (RDF) products and fuel for the China market. "With our valuable patents behind this technology, we will anticipate being able to expand our production at HB at 50% per year."
The Company has recently completed all its accounting up to Q3, 2012 and is in the process of uploading its filings onto the OTC Alternate Filing System and expects to become current in its filings.
About Sino Bioenergy Corp.
Established in May 2005, Sino Bioenergy Corp. is a Nevada Corporation that trades on the OTC Pink (symbol: SFBE) and Bourse Berlin Exchange (symbol: 3SF). Please see our websites at: www.sinobioenergy.com
The Sino Bioenergy Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4102
This press release contains forward-looking statements based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.
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Source:Sino Bioenergy Corp.